GBP/USD intraday technical levels and trading recommendations for October 8, 2015

gbphh4.pnggbppusddailyy.png

Overview:

Recently, strong bullish pressure was applied to the resistance level of 1.5800 via the recent bullish swing.

That is why, the resistance level of 1.5800 was temporarily breached. Bulls moved towards 1.5900 where the depicted Head and Shoulders reversal pattern was confirmed.

Later on, the support level of 1.5555 got breached by the end of the previous month due to excessive bearish pressure, which originated at 1.5800.

The GBP/USD pair moved towards the support zone of 1.5170-1.5150 where a valid intraday buy entry was offered especially after the evident bullish rejection that took place on Tuesday (bullish engulfing daily candlestick).

Conservative traders were advised to wait for a bullish pullback towards the level of 1.5350 for a low-risk sell entry. It is already running in profits. S/L should remain above 1.5400.

Bearish persistence below the level of 1.5170 is needed to bring further bearish decline towards the level of 1.5100 initially and then to 1.5050 (bearish Flag projection target).

The material has been provided by InstaForex Company - www.instaforex.com

USD/CAD intraday technical levels and trading recommendations for October 8, 2015

cadweekly.png

caddailyy.png

Overview:

A bullish breakout above the zone of 1.2770-1.2800 was executed on July 15.

The long-term bullish target was projected towards the level of 1.3270 (100% Fibonacci Expansion). However, bulls overcame this level three weeks ago.

However, a bearish corrective movement towards the level of 1.2750 (breakout level) was expected since USD/CAD bears managed to defend the resistance zone of 1.3400-1.3450 (Fibonacci Expansion 141% level) and 1.3280 (Fibonacci Expansion 100%).

Moreover, bearish persistence below 1.3270 (Fibonacci Expansion 100%) and 1.3075 (significant Support) is needed to maintain enough bearish pressure to expose the next support level around 1.2910, and 1.2750 where long-term buy entries should be considered.

Trading recommendations:

A good sell entry was suggested around the levels of 1.3400-1.3450 (Fibonacci Expansion 141% levels). T/P levels were achieved at 1.3300,1.3220, and 1.3050.

On the other hand, conservative traders should wait for more bearish pullback towards the recent breakout zone (1.2800-1.2750) for a valid buy entry as the breakout level acts as a strong support level.

S/L should be located below the level of 1.2700. T/P levels should be located at 1.2850 and 1.2900.

The material has been provided by InstaForex Company - www.instaforex.com

Intraday technical levels and trading recommendations for EUR/USD for October 8, 2015

eurmonth.png

The pair moved lower after breaking below major demand levels around 1.2100 and 1.2000 where historical bottoms were previously established back in July 2012 and June 2010.

EUR/USD bears have already pushed the price slightly below the monthly demand level of 1.0550 (established in January 1997). Bullish recovery was observed shortly after.

April's candlestick came as bullish engulfing one. However, the next monthly candlesticks (May, June, July, and August) reflected the recent bearish rejection, which exists around the level of 1.1450.

In the long term, a projected target is still seen at 0.9450 if a bearish breakdown of the monthly demand level at 1.0550 occurs soon.

On the other hand, a bullish corrective movement towards 1.1500 can take place only if the monthly high at 1.1465 gets breached.

It can be achieved if the current monthly candlestick closes above the weekly high of 1.1465 by the end of the current month (Low probability considering September's Monthly candlestick which is obviously bearish).

1444308939_eurdaily.png

Multiple ascending bottoms were established around the levels of 1.0830 and 1.1020. These levels corresponded to the current daily uptrend depicted on the chart.

Continuous bullish pressure took place until significant bearish resistance was faced around the levels of 1.1480 and 1.1700.

The market looked overbought as bulls were pushing the price further beyond the level of 1.1500 (daily supply level).

Hence, a bearish movement towards the level of 1.1150 (61.8% Fibonacci level) took place, which provided evident bullish rejections several times in a row (note the recent daily candlesticks during last week's consolidations).

On the other hand, the intraday supply zone of 1.1360-1.1400 provided significant bearish rejection. An intraday sell entry was suggested with T/P levels placed at 1.1150 (achieved) and 1.1050 (yet to come).

Daily persistence below the level of 1.1150 (61.8% Fibonacci level) is needed to expose the next demand level around 1.0980 where the daily uptrend comes to meet the EUR/USD pair.

Conservative traders should wait for a bearish correction towards the zone of 1.0980-1.1000 (the depicted uptrend line) for a low-risk buy entry. S/L should be placed below 1.0950.

T/P levels should be placed at 1.1080 and 1.1160.

The material has been provided by InstaForex Company - www.instaforex.com

Intraday technical levels and trading recommendations for GBP/USD for October 8, 2015

gbpusdweekly.png

Few months ago, the market was pushed above the weekly key zone around 1.5550 in an attempt to reach the area of 1.5900, which has been providing the GBP/USD pair with evident resistance.

The previous weekly candlestick closure above 1.5500 hindered a further bearish decline and enhanced the bullish side of the market towards 1.5670 (previous weekly high) and 1.5780 (61.8% Fibonacci level).

However, recent weekly candlesticks came as bearish engulfing candles, closing below the level of 1.5450 (neckline of the Head and Shoulders pattern).

It supports the bearish side of the market in the long term. For the reversal pattern, an approximate projection target should be located at the level of 1.5050.

In the short term, the nearest demand level is located around 1.5170 (recent weekly bottom and the origin of a previous bullish engulfing weekly candlestick).

Weekly persistence below the zone of 1.5170 (the current demand level) is mandatory to allow the further bearish decline to occur.

On the other hand, persistence above it hinders the current bearish momentum giving time for more sideways consolidations which may extend towards price level of 1.5350.

gbpusddaily.png

Prominent supply/resistance is seen around the level of 1.5770 (prominent 61.8% Fibonacci level) where the right shoulder of the depicted bearish reversal pattern is observed.

That is why, the valid sell entry was suggested for retesting at 1.5770 one month ago. All of its targets were successfully achieved.

Moreover, the previous bearish movement found its way towards the level of 1.5200 (prominent demand level), which prevented further bearish decline.

Instead of it, evident bullish candlestick took place around 1.5200-1.5170 (resulting in bullish engulfing daily candlesticks) leading to the recent bullish pullback towards 1.5600 (the backside of the depicted uptrend). It applied significant bearish pressure to the GBP/USD pair.

As anticipated, obvious bullish pressure was expressed around the zone of 1.5150-1.5200 (previous prominent weekly bottoms). Since then, bulls have been pushing moving towards 1.5350.

Note that daily fixation below 1.5150 is needed to allow bearish movement to occur towards the level of 1.4970 (weekly demand level).

On the other hand, the level of 1.5350 remains the significant supply level to be watched for valid Intraday sell entries. It is already running in profits now.

Trading Recommendation:

A valid sell entry can be offered around price level of 1.5350 as it corresponds to a prominent previous bottom. SL should be placed above 1.5450.

On the other hand, a low-risk buy entry can be offered around the weekly demand level (1.4970) if bearish breakdown of 1.5150 occurs soon. S/L should be placed below 1.4930.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for October 08, 2015

USDJPYM30.png

USD/JPY is expected to trade in a lower range. US indices closed higher on Wednesday led by shares in the Automobile & Components, Pharmaceutical Biotechnology & Life Sciences and Transportation sectors. The Dow Jones Industrial Average gained 122.10, or 0.73%, to 16,912.29. The S&P 500 added 15.91, or 0.80%, to 1,995.83, while the Nasdaq Composite rose 42.79, or 0.90%, to 4791.15. Nymex crude oil fell 1.5% to $47.81. Gold was up 0.2% at $1,149.00 a troy ounce. The yield on the 10-year Treasury note rose 0.028 percentage points to 2.061%. As for economic data, MBA Mortgage Applications soared 25.5% for the week ended on October 2 compared to a decline of 6.7% the week before. The jump follows a new home-buyer protection clause implemented by the Consumer Financial Protection Bureau that required greater loan disclosure by mortgage lenders. US dollar was broadly flat, while the euro moved lower as the German industrial-production data declined 1.2% in August. The pair has reversed down and remains under pressure below its key resistance at 120.15. The descending 50-period MA maintains a bearish bias, and is currently playing a resistance role. Meanwhile, the intraday RSI lacks upward momentum. The first target to the downside is therefore set at the horizontal support and overlap at 119.45. A break below this level would open the way to further weakness towards 119.20 in extension.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 119.45. A breakout of that target will move the pair further downwards to 119.20. The pivot point stands at 120.15. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 120.35 and the second target at 120.65.

Resistance levels: 120.35 120.65 120.95

Support levels: 119.45 119.20 118.75

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Silver for October 08, 2015

Technical outlook and chart setups:

Silver is retracing for now and initial support is seen at the $15.20/30 levels. As depicted here, the metal remains poised to push higher towards at least the $16.30/40 levels before a meaningful retracement takes place. It is hence recommended to remain long for now and also look to add further on dips to the $15.30 levels from here on. Immediate support is seen at the $15.30 levels (Fibonacci 0.382) followed by $15.00, $14.40 and lower, while resistance is seen at the $16.40 levels followed by $17.40/50 and higher.

Trading recommendations:

Remain long for now, stop is at $14.00, target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for October 08, 2015

USDCHFM30.png

USD/CHF is expected to trade with bearish bias. The pair has broken below its support at 0.9725, which becomes a resistance now, and has accelerated on the downside. The 20- and 50-period MAs are declining and are currently playing resistance roles. The intraday RSI is below its neutrality level at 50 and lacks upward momentum. As long as 0.9725 is not broken, the pair is likely to consolidate towards 0.9640. A break below this level would call for a further drop towards 0.96.

Trading recommendations:

The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 0.9640. A breakout of that target will move the pair further downwards to 0.960. The pivot point stands at 0.9725. In case the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 0.9765 and the second target at 0.9795.

Resistance levels: 0.9765 0.9795 0.9825

Support levels: 0.9640 0.96 0.9575

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CHF for October 8, 2015

USDCHFH4.png

Overview:

  • The SD/CHF pair found strong support at the level of 0.9580, which represents weekly support 1. Equally important, the price is still moving between 0.9580 and 0.9763. Also, the USD/CHF pair has still been above 50% of Fibonacci retracement levels. As a result, the price has already faced strong support at this level of 0.9580 with the aim to test it. Therefore, the USD/CHF pair will get upward momentum rather convincing and the structure of the fall does not look corrective for indicating a bullish opportunity above the the weekly support 1 level (0.9580). It will be a wise to buy above this level with the first target at 0.9580 (this level is coinciding with the weekly pivot point this week) and it will call for an uptrend in order to continue bullish journey towards 0.9715 and 0.9763. Additionally, the price would form the double top at 0.9763. Moreover, the USD/CHF pair is expected to trade in a range about 75 pips this week. On the other hand, the stop loss should always be taken into account, thus it will of the sagacity to set your stop loss at the price of 0.7552.
The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of Gold for October 08, 2015

Technical outlook and chart setups:

Gold is inching higher for now, heading towards the $1,200.00 levels at least, after having formed a bottom at the $1,105.00 levels on October 2, 2015. The yellow metal has been forming higher highs and higher lows as seen here, and bulls are expected to remain in control until prices stay above the $1,100.00 levels. It is hence recommended to remain long for now and also look to add positions with risk around the $1,100.00 levels. Immediate support is seen at the $1,130.00 levels (interim) followed by $1,100.00 and lower, while resistance is seen at the $1,170.00 levels and higher.

Trading recommendations:

Remain long for now, stop is at $1,100.00, target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of NZD/USD for October 08, 2015

NZDUSDM30.png

NZD/USD is expected to trade in a higher range as the bias remains bullish. After the recent rallies, the pair is now posting some consolidations, but it is likely to be forming an intraday "bullish flag" pattern (not yet confirmed). The 50-period MA is heading upward and acts as strong support. Furthermore, the key horizontal support around 0.6550 should limit any downward attempts. Hence, as long as 0.6550 is not broken, consolidation should be limited before a new bounce to 0.6650 (September 7 high) takes place, and then to 0.6680.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 0.6650 and the second target at 0.6680. In the alternative scenario, short positions are recommended with the first target at 0.6515 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 0.6475. The pivot point is at 0.6550.

Resistance levels: 0.6650 0.6680 0.6730 Support levels: 0.6515 0.6475 0.6445

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/JPY for October 08, 2015

GBPJPYM30.png

GBP/JPY is expected to trade with a bullish bias. The pair posted strong rebound yesterday following the break above its key resistance at 183.25 (the upper boundary of its previous trading range). The upside room has been opened towards 184.85. Besides, the rising 20-period and 50-period MAs also confirmed a positive outlook. The intraday RSI shifted to bullish. In that case, as long as 183.25 is not broken, watch for further advance to 184.85 and 185.40.

Trading recommendations:

The pair is trading above its pivot point. It is likely to trade in a wider range as long as it remains above its pivot point. As long as the price holds above its pivot point, long positions are recommended with the first target at 184.85 and the second target at 185.40. In the alternative scenario, short positions are recommended with the first target at 182.70 if the price moves below its pivot points. A break of this target is likely to push the pair further downwards, and one may expect the second target at 182. The pivot point is at 183.25.

Resistance levels: 184.85 185.40 186

Support levels: 182.70 182 181.30

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for October 08, 2015

Technical outlook and chart setups:

The EUR/JPY pair is trading around the 135.20/30 levels at the moment, preparing to push higher towards at least 136.70 and higher. Bulls are expected to remain under control untill prices remain above the 133.00 levels for now. It is hence recommended to remain long with risk at the 133.00 levels. Immediate support is seen at the 133.00/25 levels followed by 132.00 and lower, while resistance is seen at the 137.00 levels followed by 138.00/139.00 and higher. A push above 135.75 would accelerate the bullish momentum.

Trading recommendations:

Remain long, stop is at 133.00, target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/CHF for October 08, 2015

Technical outlook and chart setups:

The GBP/CHF pair might hit a higher low around 1.4650/60 last week. The pair completed an interim trade cycle at 1.4930 before retracing lower. It is bouncing back higher again at the moment with bullish momentum expected to continue until at least 1.5000 if not higher. It is recommended to remain long and watch for an opportunity to add here with risk at the levels of 1.4600. Immediate support is seen at 1.4650/60 followed by 1.4600 and lower, while resistance is seen at 1.5100 (interim) followed by 1.5350, 1.5400/10, and higher.

Trading recommendations:

Remain long for now with, stop at 1.4600, a target is open.

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of GBP/USD for October 8, 2015

GBPUSDH1.png

Overview:

  • The GBP/USD pair has has already found support at the level of 1.5310 (minor resistance which represents the daily pivot point), and resistance is seen at 1.5382 (the weekly support 3). According to the previous events, the price has still been moving between 1.5310 and 1.5382, then it should be noted that the range today will be around 72 pips in coming hours. Consequently, the trend in the H1 time frame is calling for a bullish market at the level of 1.5310. Thus, look for further upside move above the level of 1.5310 with a target at 1.5382, in case a breakout of the double top takes place today (1.5382). So, the price will continue towards 1.5450 until the end of this week. On the other hand, sell below 1.5450 in the short term the same day with the first target at 1.5375; it might resume to 1.5310 later in order to test the daily pivot point (October 8, 2015).

Notes:

  • We expect a range of 70-85 pips today.
  • Risk of 76 pips must make a profit of 152.
  • The value of 78.6% Fibonacci retracement levels is 1.5323 with a view to confirm a bullish market above this price.
  • Volatility: 120.22, thus the market indicates the higher volatility.
The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 08/10/2015

Global macro overview for 08/10/2015:

The FOMC meeting minutes are scheduled for release at 6 pm GMT today and market participants will be looking for any kind of increased hawkishness in the statement. Nevertheless, the FOMC decision came weeks before the latest NFP report, it should favor the dovish point of view for the interest rates decision and the global economy outlook. As we can see from the market behavior, the FOMC warnings about the possible rate hike are not being treated with respect as market participant are giving only a 40% chance of a rate hike this year.

The US dollar index is currently trading at the golden trend-line support around the level of 95.25. In case of a breakdown, the next support will be seen at the level of 94.04 and resistance is seen at the level of 96.72.

dxy.jpg

The material has been provided by InstaForex Company - www.instaforex.com

EUR/NZD analysis for October 08, 2015

EURNZDDaily.png08.png

EURNZDH1.png08.png

Overview:

Recently, EUR/NZD has been moving upwards. The price tested the level of 1.7119. In the daily time frame, we can observe a supply bar in an average volume. The intraday trend is neutral. On the H1 chart, we can observe a strong downward trading channel so be careful when buying EUR/NZD. I placed Fibonacci retracement to find potential mid-term support levels and got Fibonacci retracement 38.2% at the level of 1.6860, Fibonacci retracement 50% at 1.6280, and Fibonacci retracement 61.8% at 1.5740. Watch for potential selling opportunities after retracement.

Fibonacci Pivot Points :

Resistance levels:

R1: 1.7180

R2: 1.7265

R3: 1.7410

Support levels:

S1: 1.6900

S2: 1.6810

S3: 1.6670

Trading recommendations: Be careful when buying and watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com

Global macro overview for 08/10/2015

Global macro overview for 08/10/2015:

There will be a lot of attention focused on central banks today and on the Bank of England in particular. At 11am GMT, the BoE will announce its interest rate decision (0.50% vs. 0.50%), asset purchase facility ( 375bln vs. 375bln), and its official monetary policy summary including official bank rate votes (1-0-8 vs. 1-0-8) and asset purchase facility votes (0-0-9 vs. 0-0-9). As we can see, despite current recovery in the economy and the recent wage growth, market participants expect the BoE to leave their monetary policy unchanged. Nevertheless, the voting results might give some more clues to the markets, whether the BoE members see the recent improvements in economy as more encouraging than a month ago as any change in voting pattern will be a big surprise.

The GBP/USD pair is trading at the technical resistance level of 1.5330 ahead of the data release.

gbpusd.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Gold : analysis for October 08, 2015

GOLDDaily.png08.png

GOLDH1.png08.png

Overview:

Since our last analysis, gold has been trading downwards. As we expected, the price tested the level of $1,140.23. An intraday trend is neutral. In the daily time frame, I found a trading range between $1,170.00 (resitance) and $1,098.50 (support). In the H1 time frame, we can observe strength (reversal up-thrust) around the level of $1,140.00. Support at the level of $1,142.00 was successfully held, so watch only for potential selling opportunities. I am waiting for a clear breakout of the trading range in a high volume to confirm further short and mid-term direction. Anyway, intraday buying opportunities are preferable. The level of $1,152.00 is the first resistance.

Daily Fibonacci pivot points :

Resistance levels

R1: 1,152.00

R2: 1,154.45

R3: 1,158.00

Support levels:

S1: 1,144.20

S2: 1,142.90

S3: 1,138.50

Trading recommendations: Be careful when selling gold at this stage and watch for potential buying opportunities on the dips.

The material has been provided by InstaForex Company - www.instaforex.com

USDX technical analysis for October 8, 2015

The US dollar index is testing important trend-line support of the triangle pattern. Unless it breaks it, we can see another bounce towards 96. However, it is preferred to stay neutral as the price remains inside the short-term triangle. The long-term bullish flag pattern remains valid.

usdx.jpg

Red line - resistance

Green line - support

The US dollar index has broken below the Ichimoku cloud and is testing the green upward sloping trend-line support. Things do not look good for USD bulls. To make the short-term trend bullish again, we need to see a break above 95.90. Critical resistance for the medium-term trend is at 96.60.

usdxd.jpg

Red line - weekly resistance

Green line - weekly support

The bullish flag pattern remains valid. The price is approaching the weekly Ichimoku cloud while it remains inside the trading range of the flag pattern. A breakout above it will provide a buy signal. However I would prefer going long after breaking the 96.60 resistance level.

The material has been provided by InstaForex Company - www.instaforex.com

Gold technical analysis for October 8, 2015

The gold price got rejected at the $1,150 resistance level and pulled back. The big picture remains unclear as long as the weekly candle remains inside the big triangle pattern. A weekly close above $1,150 will open the way to $1,200, otherwise we can see $1,110-20 again.

goldh4.jpg

Red line - resistance

The gold price is below the red downward sloping trend-line resistance. The price is above the Ichimoku cloud support. Gold is making impulsive upward moves while the structure of declines is corrective. The short-term resistance is at $1,154 and support stands at $1,130.

goldd.jpg

The weekly chart remains inside the triangle pattern. Important resistance is at $1,150-55. Breaking above this level will be an important bullish signal with implications of a higher move towards $1,200. Support is at $1,130.The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/NZD for October 8, 2015

2015-10-08-EURNZD-4H.png

Technical summary:

We are getting closer to the 1.6781 target. In the short term, we are looking for the minor correction in the red wave iv to find resistance at 1.7124 for the next decline towards 1.6781. If support at 1.6781 is clearly broken, then the downside target will be extended lower to 1.6230. But for now, we will keep our focus for a decline to 1.6781.

At this point, only an unexpected break above resistance at 1.7330 will be of concern to the bearish outlook.

Trading recommendation:

Keep short or sell EUR near 1.7123 for the decline to 1.6781. Place take profit at 1.6790.

The material has been provided by InstaForex Company - www.instaforex.com

Elliott wave analysis of EUR/JPY for October 8, 2015

2015-10-08-EURJPY-4H.png

Technical summary:

There are no changes in view here. Red wave ii is likely to take a little longer than we expected, but otherwise the outlook continues to stay bullish for a rally higher to 141.00.

Red wave ii seems to be a flat correction calling for a move closer to 134.40 before the next rally higher takes place, this time is ideal for a break above resistance at 135.71 confirming the next rally higher.

It will take an unexpected decline through support at 133.44 to invalidate the bullish outlook.

Trading recommendation:

We are long EUR from 135.10 and will keep our stop at 133.45. If you are not long EUR yet, then buy near 134.40 and use the same stop at 133.45.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/CAD for October 8, 2015

General overview for 08/10/2015 08:40 CET

The Elliott wave count has been adjusted to the recent market developments showing that a decline can take place after corrective wave (iv) green is completed. Any breakout above the level of 1.3217 will invalidate the green impulsive wave count and hit a low at the level of 1.2970 wave (c) bottom.

Support/Resistance:

1.3229 - Weekly Pivot

1.3217 - Green Impulsive Count Invalidation Level

1.3133 - Intraday Resistance

1.3062 - Intraday Resistance

1.3000 - WS1

1.2970 - Intraday Support

Trading recommendations:

Day traders should consider opening sell orders from the level of 1.3133 with SL above the level of 1.3217 and TP at the level of 1.2919.

usdcad_h1.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/JPY for October 8, 2015

General overview for 08/10/2015 08:10 CET

The market keeps trading inside the neutral zone with no signs of an impulsive rebound to the upside. The market is still trading above the weekly pivot point, but it is not strong enough to breakout above the resistance levels of 135.97 - 126.12. Moreover, it has just tested the golden trend line from the downside and got rejected suggesting more room for a drop.

Support/Resistnace:

135.97 - 136.12 - Technical Resistnace

135.71 - Intraday Resistnace

135.43 - WR1

134.41 - Weekly Pivot

134.36 - Intraday Support

Trading recommendations:

Daytraders should refrain from trading until more clear pattern occurs.

eurjpy_h1.jpg

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of EUR/USD for October 08, 2015

!_EURUSD.jpg

When the European market opens, economic news on the ECB Monetary Policy Meeting Accounts and German Trade Balance is due to be released.The US will unveil the FOMC Meeting Minutes, data on 30-y Bond Auction, Natural Gas Storage, and Unemployment Claims. So amid the reports, EUR/USD will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Breakout BUY Level: 1.1292.

Strong Resistance:1.1286.

Original Resistance: 1.1275.

Inner Sell Area: 1.1264.

Target Inner Area: 1.1238.

Inner Buy Area: 1.1212.

Original Support: 1.1201.

Strong Support: 1.1190.

Breakout SELL Level: 1.1184.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com

Technical analysis of USD/JPY for October 08, 2015

!_USDJPY.jpg

In Asia, Japan will release the Economy Watchers Sentiment, BOJ Monthly Report, 30-y Bond Auction, Current Account, and Core Machinery Orders m/m. The US will publish economic data on the outcome of the FOMC Meeting, 30-y Bond Auction, Natural Gas Storage, and Unemployment Claims. So, there is a strong probability that USD/JPY will move with low to medium volatility during this day.

TODAY TECHNICAL LEVELS:

Resistance. 3: 120.61.

Resistance. 2: 120.36.

Resistance. 1: 120.13.

Support. 1: 119.84.

Support. 2: 119.60.

Support. 3: 119.38.

Disclaimer: Trading Forex (foreign exchange) on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of Silver for October 08, 2015

SILVERH4.png

Overview

According to the attached H4 chart, silver price tests the support base formed above the level of 15.85 after breaching it previously, while stochastic gains positive momentum heading towards oversold levels. Amid that the chances for a continuation of the bullish trend are still valid in upcoming sessions. It depend mainly on the stability above the level of 15.40. Note that the targeted level represents 61.8% Fibonacci level for a decline from 17.75 to 13.96, as breaching it will impel the price to extend its gains in the short term, while we should take into consideration that a breakout at 15.40 will put the price under the negative pressure forcing it to return to the main bearish trend.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/JPY for October 08, 2015

GBPJPYH4.png

Overview

Am intraday bias in GBP/JPY stays neutral at the moment. On the downside, a breakout of support at 180.36 will resume the whole fall from 195.86 targeting to test the key support level at 174.86. On the upside, resistance above 184.41 will extend sideways trading from 180.36 with another rise. GBP/JPY was close to the key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to the psychological level of 200. A break of 174.86 will confirm a trend reversal bring deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious with strong resistance at 199.80/200.00.

Daily Pivots: (S1) 182.25; (P) 182.75; (R1) 183.55;

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of major pairs for October 8, 2015

EUR/USD: The direction in the EUR/USD is not being strongly performed, and unless there is a strong directional performance, the market would enter a consolidation phase. The most probable expected direction is bullish, but this does not mean bears cannot make any attempt to push the price south.

1.png

USD/CHF: A strong bullish engulfing candlestick that was formed in the chart on Wednesday became the threat to the bearish outlook for this pair. Should the price move upwards by additional 100 pips, the bearish outlook would be over. Nonetheless, the bearish outlook is currently valid. The EMA 11 is still below the EMA 56 and the Williams % Range period 20 is simply reflecting the current price action.

2.png

GBP/USD: The GBP/USD is headed strongly upwards this week. From the accumulation territory at 1.5150, the price has gone upwards, crossing the accumulation territory at 1.5300. This led to a clear Bullish Confirmation Pattern in the 4-hour chart. In addition, some fundamental figures are expected today,and they could have a significant impact on the market.

3.png

USD/JPY: The outlook for this currency trading instrument remains unchanged until the condition mentioned here is fulfilled. Owing to the ongoing struggle between bull and bear, the currency trading instrument has become quite choppy because there is no a strong directional movement yet. This week, the price would either break the supply level at 121.00 to the upside or break the demand level at 118.00 to the downside. This condition must be fulfilled before the consolidation phase in the market is over.

4.png

EUR/JPY: The recent "buy" signal that was generated on the EUR/JPY chart has not been sustained by the price action that took place on Wednesday. The price tested the supply zone at 135.50, but further bullish effort was halted as the pressure eased a little. Today or tomorrow would reveal the next direction in the market, because the situation is dicey right now.

5.png

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of USDX for October 08, 2015

On the daily chart, the USDX is trying to move higher again above the support level of 95.26, because the index has been testing that zone for several days already. Currently, our nearest resistance is located around the level of 95.83. When a breakout happens over there, we could expect a rally towards the level of 96.38.

1444257771_USDXDaily.png

The index is currently forming a lower low pattern on the H1 chart, but we should remember that a few days ago the USDX found strong bottom over there. That is why we are following the idea of a breakout above the 200 SMA with a target placed around the level of 96.15. The MACD indicator is still at the positive territory.

1444257778_USDXH1.png

Daily chart's resistance levels: 95.83 / 96.38

Daily chart's support levels: 95.26 / 94.36

H1 chart's resistance levels: 95.94 / 96.15

H1 chart's support levels: 95.38 / 95.03

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the US dollar index breaks with a bullish candlestick; the resistance level is at 95.94, take profit is at 96.15, and stop loss is at 95.73.

The material has been provided by InstaForex Company - www.instaforex.com

Daily analysis of GBP/USD for October 08, 2015

GBP/USD had a strong bullish momentum above support zone of 1.5169 and we could say that level is currently acting as a major bottom on the cable. Currently, we expect a breakout above the resistance level of 1.5325 in order to reach the level of 1.5381. However, a pullback around current levels will send this pair to test the zone of 1.5256.

1444257719_GBPUSDDaily.png

On the H1 chart, GBP/USD has been performing a consolidation above the support level of 1.5285 with a higher high pattern formation. Also, a breakout above 1.5342 will open the door to the psychological zone of 1.5400. The 200 SMA is slightly pointing to the upside, but the MACD indicator is entering the negative territory.

1444257725_GBPUSDH1.png

Daily chart's resistance levels: 1.5325 / 1.5381

Daily chart's support levels: 1.5256 / 1.5169

H1 chart's resistance levels: 1.5342 / 1.5400

H1 chart's support levels: 1.5282 / 1.5223

Trading recommendations for today: Based on the H1 chart, place buy (long) orders only if the GBP/USD pair breaks a bullish candlestick; the resistance level is at 1.5342, take profit is at 1.5400, and stop loss is at 1.5285.

The material has been provided by InstaForex Company - www.instaforex.com